2 Bed Flat, Cash/Bridging Only, Gateshead, NE8 2DF, £165,000

Colombo Square, Worsdell Drive, Gateshead, NE8 2DF - 3 views - 7 days ago

Leasehold
Cash
ROI: 6%
~68 m²
+10 photos

ValuationOvervalued

Sold Prices£59K - £475K
Sold Prices/m²£900/m² - £3.8K/m²

 

 

Square Metres

~68.11 m²
Price/m²£2.4K/m²

Value Estimate

£135,220

 

 

End Value (After Refurb)

£148,125

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£41,250

Stamp Duty & Legal Fees

£9,450

Refurb Costs

£26,073

Bridging Loan Interest

£4,331

Total Cash In

£82,854

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£148,125

Mortgage (After Refinance)

£111,094

Mortgage LTV

75%

Cash Left In

£82,854

Equity

£37,031

Rent Range

£800 - £1,500

Rent Estimate

£1,115

Running Costs/mo

£706

Cashflow/mo

£409

Cashflow/yr

£4,909

ROI

6%

Gross Yield

8%

Local Sold Prices

50 sold prices from £59K to £475K, average is £150K. £900/m² to £3.8K/m², average is £2K/m².

PriceDateDistanceAddressBeds 
£152K06/230.24 mi119, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£120K06/230.24 mi116, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£140K12/200.24 mi78, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£138.1K12/200.24 mi88, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£92.5K11/230.24 mi66, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£125.5K08/230.25 miApartment 33, Hanover Mill, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£135K09/230.25 miApartment 20, Hanover Mill, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£150K05/240.25 miHanover Mill, Apartment 26, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£155K10/200.26 miApartment 6, Mill House, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AG2
£117K11/230.26 mi42, Curzon Place, Gateshead, Tyne And Wear NE8 2ER2
£130K05/230.26 mi30, Curzon Place, Gateshead, Tyne And Wear NE8 2ER2
£405K03/210.32 miLoft 2, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£265K07/230.32 miLoft 48, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£475K10/200.32 miLoft 9, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£200K06/210.32 miLoft 26, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£405K03/210.36 miLoft 2, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£106K10/200.41 mi3e, Queen Street, Newcastle Upon Tyne, Tyne And Wear NE1 3UG2
£165K04/240.42 mi23b, Queen Street, Newcastle Upon Tyne, Tyne And Wear NE1 3UG2
£200K02/210.45 mi5, Peppercorn Court, Newcastle Upon Tyne, Tyne And Wear NE1 3HD2
£86K01/230.46 mi14, Affleck Street, Gateshead, Tyne And Wear NE8 1QY2
£98K03/230.48 mi70, Windmill Way, Gateshead, Tyne And Wear NE8 1NU2
£59K11/200.5 mi5, Claremont South Avenue, Gateshead, Tyne And Wear NE8 1RJ2
£129K11/200.52 miApartment 314, The Bar, St James Gate, Newcastle Upon Tyne, Tyne And Wear NE1 4BA2
£156K05/240.52 miThe Bar, Apartment 608, St James Gate, Newcastle Upon Tyne, Tyne And Wear NE1 4BA2
£315K06/230.55 mi26, Love Lane, Newcastle Upon Tyne, Tyne And Wear NE1 3DW2
£195K12/200.55 mi7, Love Lane, Newcastle Upon Tyne, Tyne And Wear NE1 3DW2
£150K04/240.56 mi55 Degrees North, 8/7, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£165K02/210.56 mi8/13, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£270K10/200.56 miP5, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BJ2
£135.8K07/210.56 mi4/14, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BF2
£155K12/220.56 mi5/14, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BF2
£194K08/230.56 mi9/19, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BJ2
£185K03/240.56 mi21, Milk Market, Newcastle Upon Tyne, Tyne And Wear NE1 3DN2
£152K06/230.56 mi6, Milk Market, Newcastle Upon Tyne, Tyne And Wear NE1 3DN2
£160K07/210.57 mi8/19, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£215K09/230.58 miApartment 409, Pandongate House, City Road, Newcastle Upon Tyne, Tyne And Wear NE1 2AY2
£63K12/200.59 mi62, Woodbine Street, Gateshead, Tyne And Wear NE8 1SS2
£185K11/220.59 miApartment 101, Pandongate House, City Road, Newcastle Upon Tyne, Tyne And Wear NE1 2AY2
£113.5K11/200.6 mi77c, Grainger Street, Newcastle Upon Tyne, Tyne And Wear NE1 5JF2
£159.5K11/230.61 miApartment 14, Charltons Bonds, Waterloo Street, Newcastle Upon Tyne, Tyne And Wear NE1 4DE2
£115K09/230.61 miApartment 22, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£104K12/200.63 miApartment 5, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£135K07/230.66 mi12, Charlotte Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4XH2
£135K12/230.66 mi3, Charlotte Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4XH2
£152K11/230.68 mi18, Blackfriars Court, Newcastle Upon Tyne, Tyne And Wear NE1 4XB2
£82.5K03/210.69 mi21, Chaucer Close, Gateshead, Tyne And Wear NE8 3NG2
£90K01/240.69 mi52, Chaucer Close, Gateshead, Tyne And Wear NE8 3NG2
£70K03/240.71 mi20, Ripon Street, Gateshead, Tyne And Wear NE8 4EP2
£142K05/210.74 miApartment 34, Printworks, Rutherford Street, Newcastle Upon Tyne, Tyne And Wear NE4 5DP2
£160K03/230.74 miApartment 21, Printworks, Rutherford Street, Newcastle Upon Tyne, Tyne And Wear NE4 5DP2

Local Rents

50 rents from £800/mo to £1.5K/mo, average is £1.1K/mo.

RentDateDistanceAddressBeds 
£89506/240 miColombo Square, Worsdell Drive, Gateshead, Tyne & Wear, NE82
£1,50003/240.01 miColombo Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,00006/240.01 miColombo Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,02006/240.01 miColombo Square, Worsdell Drive, Ochre Yards, Gateshead, NE82
£1,02006/240.01 miColombo Square, Worsdell Drive, Ochre Yards, Gateshead, NE82
£89506/240.01 miColombo Square, Gateshead2
£1,02007/240.01 miColombo Square, Worsdell Drive, Gateshead, NE82
£1,20006/240.01 miColombo Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,02006/240.01 miColombo Square, Worsdell Drive, Gateshead2
£1,02006/240.01 miWorsdell Drive, Gateshead, NE82
£94503/250.03 mi-2
£1,20006/240.03 miFairway Court, Fletcher Road, Gateshead, NE82
£1,10003/240.03 miCameronian Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20003/240.03 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20006/240.03 miCameronian Square, Ochre Yards, Gateshead, NE82
£92506/240.03 miCameronian Square, Gateshead2
£89506/240.03 miCameronian Square, Ochre Yards, Gateshead, NE82
£1,02007/240.03 miCameronian Square, Ochre Yards, Gateshead, NE82
£94006/240.03 miWillbrook House, Worsdell Drive, Gateshead, NE82
£1,25010/240.03 mi-2
£89506/240.03 miCameronian Square, Worsdell Drive, Gateshead2
£1,15002/250.03 mi-2
£99511/240.03 mi-2
£92506/240.03 miCameronian Square, Worsdell Drive, Gateshead, Tyne and Wear, NE82
£89506/240.03 miCameronian Square, Worsdell Drive, GATESHEAD, Tyne and Wear, NE82
£80006/240.03 miWorsdell Drive, Gateshead2
£1,15007/240.04 miWorsdell Drive, Gateshead, NE82
£1,35003/250.04 mi-2
£1,45006/240.04 miWillbrook House, Ochre Yards, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20003/240.04 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20007/240.04 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20007/240.04 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20006/240.04 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£1,19506/240.04 miOchre Mews, Raven Road, Gateshead, NE82
£1,04506/240.04 miOchre Mews, Raven Road, Gateshead, NE82
£1,22506/240.04 miOchre Mews, Raven Road, Gateshead, NE82
£1,10006/240.05 miMarmion Court, Worsdell Drive, Gateshead, NE82
£1,19507/240.05 miWillbrook House, Gateshead Quays2
£1,20006/240.05 miMarmion Court, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,10003/240.05 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20006/240.05 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£90011/240.05 mi-2
£1,20010/240.05 mi-2
£1,30006/240.05 miOchre Mews, Raven Road, Gateshead, NE8 2FF2
£1,35007/240.05 miWillbrook House, Worsdell Drive, Gateshead, NE82
£1,25003/240.05 miTranquil House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,35003/240.05 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£1,15007/240.06 mi-2
£1,25006/240.09 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£1,05006/240.09 miMidlothian Court, Worsdell Drive, Gateshead, Tyne And Wear, NE82

Local Area Statistics

Population in NE8

32,358

Population in Gateshead

122,353

Town centre distance

1.85 miles away

Nearest school

0.30 miles away

Nearest train station

0.45 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+64%

Sales demand

Balanced market

Capital growth (5yrs)

+15%

Property History

Listed for £165,000

March 8, 2025

Floor Plans

Description

  • Third Floor Apartment +
  • Two Double Bedrooms +
  • En-Suite Shower Room +
  • Balcony +
  • Allocated & Visitor Parking +
  • Spacious and Well Presented Property +
  • Lift Access +
  • Popular Development +
  • Close to Quayside +
  • Close to City Centre +

Jan Mitchell Properties are delighted to welcome to the market this stunning third floor apartment in the popular Ochre Yards development. A well propertied two bedroom apartment, boasting a spacious open plan living space with angled balcony making the most of the Easterly orientation, two bathrooms and benefitting no onward chain.

Internally the property is well presented throughout and is very much ready to move into, briefly comprising:- Entrance hall with utility cupboard, stunning open plan living/dining/kitchen area with inbuilt appliances and multiple floor to ceiling picture windows flooding the room with natural light and French doors opening onto the balcony, making it perfect for entertaining. There are then two bedrooms and the master benefiting from an en-suite shower room WC and a three piece bathroom.

Externally there is the aforementioned balcony, allocated covered parking bay, visitor parking and well kept communal gardens.

Overall a superb apartment that has to be viewed to appreciate the size and proximity to the city first hand.

Location
Situated in the sought after apartment complex of Ochre Yards on the south bank of the River Tyne, the property is located just a short walk from both Newcastle and Gateshead city centres and the ever popular quayside with its bars, cafes and restaurants as well as easy access to superb bus, train, metro and road links across the region.

Measurements
Lounge - 3.94 x 5.20
Kitchen - 3.42 x 3.94
Bedroom One - 2.77 x 5.45
Bedroom Two - 2.67 x 4.57

IMPORTANT NOTE TO PURCHASERS
We endeavour to make our property details accurate, however, they do not constitute or form part of an offer or any contract and are not to relied upon as statements of representation or fact. Any services, systems and appliances listed in the details have not been tested by us and no guarantee is given to their operating ability or efficiency. All the measurements and floor plans have been taken as a guide to prospective purchasers and are not to be relied upon. Please be advised that some of the information may be awaiting vendor approval. If you require clarification of further information on any points please contact us direct.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.

Tenure - We are not able to verify the tenure of the property as it is not always possible to see sight of the relevant documentation prior to marketing. Prospective purchasers must make further enquiries with their legal adviser

Council Tax Band: C (Gateshead Council)
Tenure: Leasehold (106 years)
Ground Rent: £190 per year
Service Charge: £2,630 per year

Agent Details

Jan Mitchell Properties, Covering North East

0191 625 1034

Next Steps?

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